Wi-fi Thermostat MOSTAT Wins Startup Georgia Grant

June 4, 2018892 Views

Georgia’s Innovation and Technology Agency presented the list of winners, and the scores assigned to their projects. On May 25, the best startups were awarded grants that will help them succeed and go global. Eighteen Innovative Startups received up to 100,000 GEL in funding.

Technological product MOSTAT, same as Wi-Fi thermostat for the central heating systems, belongs to the startup “Alien Green”, which was founded in 2016 by Paata Kveselava and Lasha Dolidze. CBW interviewed representatives from Mostat, one of the winning companies:

What methodologies and techniques do you implement in developing of your startups?

We produce Wi-Fi thermostat for individual heating boilers which reduces monthly cost from 16% -39%. With the innovative options, MOSTAT’s thermostat can remotely manage temperature in the living or office spaces. It can be done through simple application available both in Georgian and English.

The MOSTAT is compatible with 90% of the individual heating systems in Georgia, has the ability to connect with other smart devices and is IFTTT service compatible.

What steps did you take to win Startup Georgia grant?

We’ve been working on this product for 2 years, together with strong team. We are simultaneously working on our second product, heating-conditioning remote management project. At initial stage, when we’ve been creating first product, our startup had specific finances, that we used to prototype and invent Mostat. At this stage, it’s already complete and on sale. In order to relevantly offer and introduce Mostat to Georgian users, we need additional financial sources.

Consequently, when the Ministry of Economy and Sustainable Development, the Innovations and Technologies Agency announced the co-financing grants program, we decided to participate with our startup.

Within the framework of the program, 132 applications were submitted, after which 41 of us got to final. Qualified foreign specialists provided us with recommendations and advice, got us ready for final stage. We gained huge experience within these days and I want to thank organizers of the program on behalf of our team.

What opportunities does this grant give you; what’s next for the company?

First of all, the winning the grant has given us opportunity to quickly develop the startup, recognition of our product needs and the ability to quickly enter the market. We had the opportunity to explain to potential customers what we are offering and why to buy our product.